Form 8606

My traditional IRA had deductible and non-deductible contributions. In 2024, I took a total distribution of this IRA, so my 2024 year-end value is zero. Do I enter the value of the total distribution instead of the year-end value?

posted

No, you enter the year-end value of all of your traditional/SEP/SIMPLE IRAs on December 31, 2024, from your end of the year statement when you get to the "Tell us the value of all of your traditional IRAs" screen.

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